Section 32A policy

Section 32A policy
Referring to section 32A of the Pension Schemes Act 1993, a buy-out policy with an insurance company that the trustees of an contracted-out money purchase schemes may enter into when the scheme winds up. Broadly, the scheme members transfer their protected rights into an immediate or deferred annuity with the insurer.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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